Barrie Rent To Own - There are many benefits but also things to watch out for!

First of all, it's not for everyone. Sure people can say "got bad credit - no problem, buy/rent from us!" Well it is a problem if you've run into a financial situation before, don't have "your financial house in order" and don't know how to budget because history will repeat itself. Rent to own offers an opportunity for people not having a down payment, self-employed people (and scrutinized by the bank), previous bankruptcy, bad credit and other financial "hiccups" we can all experience at some point in our lives. However, rent to own, though an opportunity, must be taken seriously and requires your committment. Also, make sure that the people you choose to use for your rent to own option makes it a win-win situation for both you, the tenant and the landlord.

You rent the home, maintain it and pay utilities and you spend a little more per month but it forces you to save for the downpayment because it's built-in. If you haven't had much success in saving thus far then perhaps this may be the opportunity you're looking for. You control the property by having the option to purchase it at the end of a pre-determined length of time (before you take possession). The home cannot listed for sale because you've made an agreement to purchase at a pre-set price agreed upon before you moved in.

There are two parts to the lease-to-own agreement: the first is a standard lease that spells out the monthly rent, and other various "standard" lease terms. The second part is an "Option-to-purchase agreement" which is the agreement that binds the "Landlord" to sell the property to you at an agreed upon price at the end of your agreed upon term. The Landlord has to sell to you at the end of the term but you don’t have to buy if you don’t want to. For more information and FAQ's, click here which will open a new window (make sure "block pop-up disabled") and will open within the Barrie Home and Rentals.com page. It is a great opportunity to explore so make sure everything is disclosed to you and you understand before signing anything. For more information or a consultation, contact me today!